Tariffs: What does Europe's commitment to import $750 billion of US gas and oil mean?
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Since becoming president, Donald Trump has had only one goal in mind: supporting the production, consumption, and export of hydrocarbons. The agreement reached with Europe on tariffs is a new opportunity to reiterate this objective.
You always have to read the fine print of contracts. Customs agreements are no exception. Under the trade agreement signed between Europe and the United States , the former not only agreed to 15% tariffs on most of their exports, but also agreed to purchase $750 billion worth of petroleum products from the latter over three years.
Since his arrival in the White House, Donald Trump has been steadily increasing the share of American hydrocarbons in European imports. In early April, he asked Europeans to buy €350 billion worth of gas and oil , in exchange for which he would renounce imposing customs tariffs. The White House tenant has - almost - achieved his goal. Ursula von der Leyen, the President of the European Commission, has committed to having the Twenty-Seven import €250 billion worth of American hydrocarbons per year for three years.
From a purely commercial point of view…
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